And Now A Look @ The Game......All Of A Sudden.....
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And Now A Look @ The Game......All Of A Sudden.....
01-16-2008, 09:53 AM
Post: #1
And Now A Look @ The Game......All Of A Sudden.....
Oil falls below $90 on [b]surprise supply increase
Crude stockpiles grew by 4.3 million barrels last week after shrinking for eight straight weeks.[/b]

NEW YORK ( -- Oil prices fell sharply Wednesday after the government reported a surprise increase in crude supplies.

U.S. light crude for February delivery fell $2.20 to $89.62 a barrel on the New York Mercantile Exchange. Oil had traded down $1.21 prior to the report's release.

In its weekly inventory report, the U.S. Energy Information Administration said crude stocks grew by 4.3 million barrels last week, after posting declines for eight weeks in a row. Analysts were looking for a drop of 300,000 barrels according to a Dow Jones poll.

Distillates, used to make heating oil and diesel fuel, rose by 1.1 million barrels while gasoline supplies rose by 2.2 million barrels. Analysts were looking for an increase of 1 million barrels in distillates supplies and a rise of 2.4 million barrels in gasoline stockpiles.

Refinery activity fell by 4.2 percent last week to 87.1 percent of capacity. Analysts had expected a decline of 0.7 percentage point to 90.6 percent of capacity.

Crude traded above $100 a barrel earlier this month, fueling fears that the U.S. economy could topple into recession.

President Bush urged OPEC member nations on Tuesday to increase crude supply, arguing that high oil prices could further damage the U.S. economy.

Earlier Wednesday, the Secretary-General of OPEC, Abdalla Salem al-Badri, said the cartel "would not hesitate" to boost crude supplies if market conditions justify an increase, according to the Associated Press.

OPEC could decide to boost output when the group meets on Feb. 1 in Vienna, Austria.

WOW! Don't get mad at the players, get mad at the game??????? sinister >Big Grin
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